Baldwin's of St. James's
Auction 57 14 Apr 2021
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George II, five guineas, 1753, V. SEXTO, old laur. head l., rev. crowned shield of arms (S.3666; Schneider 566, dies 10/10), certified and graded by PCGS as About Uncirculated 55, no discernible wear, fields show scuffing likely acquired by bank-to-bank transfers in bags with other coins; lustrous, boldly struck, perfectly centred, with bold rims and lovely gold colour
Following the establishment of the Bank of England in 1694, the traditional money transitioned slowly into more modern forms. The impact of foreign wars and internal fiscal growth brought about an increasing dependence on paper money, both notes of credit and banknotes. Copper coins of small values grew steadily in numbers. Silver issues fluctuated, sometimes being struck in great numbers, not at all in certain years, as foreign trade and internal hoarding ebbed and flowed. The large silver crowns decreased in popularity and in need, while the denominations (halfcrowns, shillings, sixpences) most needed in commerce were issued in ever increasing numbers (except during the last decades of the 18th century). Gold half-guineas and guineas dominated in commerce between individuals, but as the paper monies gained in popularity the largest gold denominations steadily dwindled in numbers. It was largely a matter of convenience: a light piece of paper or a heavy gold coin in the pocket. Banks preferred paper. The middle years of George II's reign witnessed the end of the use of big gold coins as money. The gleaming coin in this lot was among the last of its kind ever made, and clearly it was carefully saved not as money but as an artistic example of its elegant era. It is believed that coinage actually continued beyond the end of 1753, briefly into 1754, bearing this date, but the end had indeed arrived and never again, except for curious patterns in the reign of George III, would the 5-guineas coin be struck. All examples of this style are rare today, and much desired.
Following the establishment of the Bank of England in 1694, the traditional money transitioned slowly into more modern forms. The impact of foreign wars and internal fiscal growth brought about an increasing dependence on paper money, both notes of credit and banknotes. Copper coins of small values grew steadily in numbers. Silver issues fluctuated, sometimes being struck in great numbers, not at all in certain years, as foreign trade and internal hoarding ebbed and flowed. The large silver crowns decreased in popularity and in need, while the denominations (halfcrowns, shillings, sixpences) most needed in commerce were issued in ever increasing numbers (except during the last decades of the 18th century). Gold half-guineas and guineas dominated in commerce between individuals, but as the paper monies gained in popularity the largest gold denominations steadily dwindled in numbers. It was largely a matter of convenience: a light piece of paper or a heavy gold coin in the pocket. Banks preferred paper. The middle years of George II's reign witnessed the end of the use of big gold coins as money. The gleaming coin in this lot was among the last of its kind ever made, and clearly it was carefully saved not as money but as an artistic example of its elegant era. It is believed that coinage actually continued beyond the end of 1753, briefly into 1754, bearing this date, but the end had indeed arrived and never again, except for curious patterns in the reign of George III, would the 5-guineas coin be struck. All examples of this style are rare today, and much desired.